Shanghai free trade zone to host gold warehouse

A 2,000-ton gold warehouse will be operational this month in the China (Shanghai) Pilot Free Trade Zone, as global gold traders look to the zone as a gateway to China's huge gold demand.

The warehouse, which is the size of three basketball courts, was developed by Malca-Amit Global Ltd, a Hong Kong-based company that focuses on the storage and transportation of precious metals and diamonds.

All the paperwork has been done, construction is already finished, and a promotional campaign is on the way to attract local clients. Wu Hong, who is in charge of the operational side of the new warehouse, said that the total investment was a seven-digit figure in US dollar terms but declined to give the exact amount. The warehouse, the first of its kind in the zone, can also be used to store artwork, luxury products and diamonds.